Trexquant Investment LP Makes New $2.64 Million Investment in ESAB Corporation $ESAB

Key Points

• Trexquant Investment LP acquired 22,679 shares of ESAB Corporation in the first quarter, marking a total investment of approximately $2.64 million.
• Institutional investors hold 91.13% of ESAB's stock, with several hedge funds significantly increasing their stakes during the same quarter.
• Research analysts have mixed views on ESAB's stock, with some upgrades and downgrades, resulting in a consensus rating of "Moderate Buy" and a target price of $140.38.

Trexquant Investment LP acquired a new stake in ESAB Corporation (NYSE:ESAB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 22,679 shares of the company's stock, valued at approximately $2,642,000.

A number of other institutional investors have also modified their holdings of the stock. State of Michigan Retirement System raised its stake in ESAB by 0.7% during the first quarter. State of Michigan Retirement System now owns 13,602 shares of the company's stock worth $1,585,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System boosted its holdings in ESAB by 0.6% during the first quarter. Louisiana State Employees Retirement System now owns 15,900 shares of the company's stock worth $1,852,000 after buying an additional 100 shares in the last quarter. ProShare Advisors LLC boosted its holdings in ESAB by 7.3% during the fourth quarter. ProShare Advisors LLC now owns 2,658 shares of the company's stock worth $319,000 after buying an additional 181 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of ESAB by 37.7% in the 1st quarter. GAMMA Investing LLC now owns 756 shares of the company's stock valued at $88,000 after acquiring an additional 207 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of ESAB by 204.8% in the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock valued at $37,000 after acquiring an additional 215 shares in the last quarter. Institutional investors and hedge funds own 91.13% of the company's stock.

Insider Activity

In other news, Director Rhonda L. Jordan sold 4,067 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $113.05, for a total value of $459,774.35. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $133.49, for a total transaction of $192,225.60. Following the sale, the insider directly owned 14,989 shares in the company, valued at $2,000,881.61. The trade was a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,007 shares of company stock worth $841,630 over the last 90 days. 7.30% of the stock is currently owned by corporate insiders.

ESAB Stock Up 1.3%

ESAB traded up $1.52 during trading hours on Friday, hitting $117.94. 236,855 shares of the company's stock were exchanged, compared to its average volume of 418,595. ESAB Corporation has a 1-year low of $93.15 and a 1-year high of $135.97. The stock's 50-day moving average is $121.78 and its two-hundred day moving average is $121.03. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 2.59 and a beta of 1.26. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50.

ESAB (NYSE:ESAB - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. ESAB had a net margin of 9.36% and a return on equity of 16.32%. The business had revenue of $715.59 million during the quarter, compared to analysts' expectations of $670.80 million. During the same quarter in the prior year, the company posted $1.32 earnings per share. The firm's revenue was up 1.3% on a year-over-year basis. Sell-side analysts predict that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ESAB has been the subject of a number of research analyst reports. Oppenheimer cut their target price on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Loop Capital upgraded shares of ESAB from a "hold" rating to a "buy" rating and raised their price target for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. JPMorgan Chase & Co. decreased their target price on shares of ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Evercore ISI lifted their price target on shares of ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Finally, Roth Capital started coverage on shares of ESAB in a research note on Friday. They issued a "buy" rating and a $150.00 target price for the company. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $141.44.

ESAB Company Profile

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. Its comprehensive range of welding consumables includes electrodes, cored and solid wires, and fluxes using a range of specialty and other materials; and cutting consumables comprising electrodes, nozzles, shields, and tips.